Royal London Asset Management Ltd. Has $186.72 Million Holdings in Reliance, Inc. (NYSE:RS)

Royal London Asset Management Ltd. cut its holdings in shares of Reliance, Inc. (NYSE:RS - Free Report) by 4.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 693,467 shares of the industrial products company's stock after selling 36,020 shares during the quarter. Royal London Asset Management Ltd. owned 1.28% of Reliance worth $186,723,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Oppenheimer & Co. Inc. grew its holdings in shares of Reliance by 10.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 872 shares of the industrial products company's stock valued at $252,000 after acquiring an additional 85 shares in the last quarter. CIBC Asset Management Inc boosted its position in Reliance by 2.4% during the third quarter. CIBC Asset Management Inc now owns 2,634 shares of the industrial products company's stock valued at $762,000 after purchasing an additional 62 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Reliance in the third quarter valued at about $634,000. Commerce Bank increased its position in Reliance by 3.6% in the 3rd quarter. Commerce Bank now owns 3,746 shares of the industrial products company's stock worth $1,083,000 after purchasing an additional 131 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Reliance in the 3rd quarter worth about $4,186,000. Hedge funds and other institutional investors own 79.26% of the company's stock.

Reliance Stock Performance

Shares of NYSE:RS traded up $10.12 during trading on Monday, reaching $287.68. The stock had a trading volume of 449,916 shares, compared to its average volume of 369,614. The company has a quick ratio of 1.58, a current ratio of 3.21 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $288.07 and a two-hundred day simple moving average of $289.97. The firm has a market capitalization of $15.24 billion, a price-to-earnings ratio of 18.63 and a beta of 0.87. Reliance, Inc. has a 52 week low of $256.98 and a 52 week high of $342.20.

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Reliance (NYSE:RS - Get Free Report) last released its earnings results on Wednesday, February 19th. The industrial products company reported $2.22 earnings per share for the quarter, missing analysts' consensus estimates of $2.74 by ($0.52). The firm had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.04 billion. Reliance had a return on equity of 11.87% and a net margin of 6.33%. As a group, analysts anticipate that Reliance, Inc. will post 16.98 earnings per share for the current fiscal year.

Reliance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $1.20 dividend. The ex-dividend date was Friday, March 7th. This represents a $4.80 dividend on an annualized basis and a yield of 1.67%. This is a positive change from Reliance's previous quarterly dividend of $1.10. Reliance's dividend payout ratio (DPR) is 31.09%.

Insiders Place Their Bets

In other Reliance news, CEO Karla R. Lewis sold 31,136 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $300.52, for a total value of $9,356,990.72. Following the completion of the sale, the chief executive officer now directly owns 90,230 shares of the company's stock, valued at $27,115,919.60. This represents a 25.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.69% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on RS shares. Wolfe Research raised Reliance from an "underperform" rating to a "peer perform" rating in a research note on Wednesday, January 8th. KeyCorp boosted their target price on shares of Reliance from $321.00 to $327.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Finally, The Goldman Sachs Group assumed coverage on shares of Reliance in a report on Monday, December 2nd. They set a "neutral" rating and a $341.00 price target on the stock. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Reliance presently has an average rating of "Hold" and a consensus target price of $329.17.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.